20%
Crash or Renewed
Rally for Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum)
in the
Short Term? Analysts
Chip In
20% Crash or Renewed Rally for Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum) in the Short Term? Analysts Chip
In
Author: Dimitar Dzhondzhorov
Last Updated Sep 16, 2024 @ 10:15
If this demand zone breaks, we could see a sell-off driving ETH toward
$1,800, one popular analyst argued.
TL;DR
ETH has dropped 11% over the past month, with analysts warning of a possible
further decrease to $1,800 if key support levels fail.
Others predict a potential rebound, citing a bear trap pattern
and historical trends.
Further Pain for ETH Bulls?
Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum) has been among the worst-performing cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта (from the
top 10 list) lately, with its price dipping by 11% on a monthly scale . It is
down 4% in the past 24 hours and currently trades at around $2,300 (per
CoiGecko s data).
One popular analyst who thinks ETH s decline could be far from over is X
user Ali Martinez. He outlined the $2,290-$2,360 range as a key
support level, where 1.9 million addresses hold approximately $52.3
million worth of the asset.
The crypto enthusiast believes ETH could crash by 20% to as low as $1,800
should its price dip below that zone. Recall that its valuation briefly
plunged to $2,260 a few hours ago. ETH Price, Source: CoinGecko
Certain on-chain metrics also suggest that Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum could experience a further
correction in the near future . One example is the In the Money
indicator, which is down by 0.19% daily. It shows the change in the number of
ETH investors currently sitting on paper profits. As of now, 54% are in the
green, while 39% are underwater.
The Bullish Scenario
Contrary to Ali Martinez s assumption, numerous other analysts are
optimistic that ETH is poised for a revival. The X user Phoenix thinks the
asset s chart has formed a bear trap, signaling a
potential resurgence in the following months.
JAVON MARKS claimed that Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum s pattern seems to have mirrored the
one from 2023, which led to a 165% price increase.
2023 looks to have been the blueprint for another massive upside that
can soon be transpiring in this crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. Target is at $4,723.5, and a
break above can welcome $8,100+ into play, projecting another near 2X in
price, if not much, much more, the analyst argued.
Last but not least, ETH s RSI• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Линии Боллинджера » Индекс относительной силы RSI
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Фондовый рынок » Технический анализ » Индекс относительной силы RSI has recently plummeted to a bullish ratio
of around 30. The Relative Strength Index (RSI• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Линии Боллинджера » Индекс относительной силы RSI
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Фондовый рынок » Технический анализ » Индекс относительной силы RSI) helps traders assess
overbought or oversold conditions and thus predict possible price reversals.
Readings below 30 generally indicate that ETH is oversold, which could be a
precursor of a rally. Conversely, a ratio above 70 could be interpreted as bad
news for bulls since it can be followed by a correction.
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